RoaringKitty's $586M Bet Sends GameStop and Memecoins Skyrocketing

GameStop shares rised 47% after Keith Gill, known as RoaringKitty, updated his $586 million investment, sparking an 80% rise in related memecoins.

RoaringKitty's $586M Bet Sends GameStop and Memecoins Skyrocketing

Shares of GameStop surged 47% on Thursday after renowned retail trader Keith Gill, also known as RoaringKitty and DeepF--kingValue, provided an update on his substantial investment in the stock and announced a Friday livestream.

It feels like 2021 again as GameStop (GME) shares soared, driven by influential retail trader Keith Gill. Gill, known by his online aliases RoaringKitty and DeepF--kingValue, shared an update on his significant investment in the struggling video game retailer.

A screenshot posted on Reddit revealed that Gill's stock and options position is now valued at approximately $586 million. He also announced a YouTube livestream for Friday. As a result, GameStop shares ended Thursday's session up by 47%.

This surge also rippled through the digital asset market. The Solana-based meme token GME, inspired by GameStop but unaffiliated with the company, surged over 80% in the last 24 hours, according to CoinGecko data. This rise occurred despite a broader pullback in the crypto market. Similarly, the micro-cap AMC token, named after the struggling movie theater chain but also unaffiliated, jumped 83%.

Gill, who rose to fame during the GameStop short squeeze in the pandemic years, reignited interest in memecoins last month after ending a three-year hiatus and returning to social media. Since mid-May, the GME token has skyrocketed over 3,000%, reaching a market capitalization of more than $120 million.

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